The following stocks are the leading risers and fallers on AIM in London on Friday.
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AIM - WINNERS
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Kitwave Group PLC, up 5.0% at 139.96p, 12-month range 133.25p-176.00p. The food wholesaler acquires entire issued share capital of foodservice supplier MJ Baker Foodservice Ltd for £24.5 million. MJ Baker Foodservice is Devon-based company, offering over 3,500 products. The Tyne and Wear, England-based company said the acquisition was funded from available existing banking facilities. MJ Baker Foodservice reported a pretax profit of £1.5 million for 2021, on full-year revenue of £16.9 million. Kitwave believes that the acquisition will be immediately earnings enhancing.
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Galileo Resources PLC, up 7.6% at 1.13 pence, 12-month range 0.80p-1.95p. Gets £2.4 million from Glenover asset sale, through the disposal of its indirect holding via Galagen Proprietary Ltd to Johannesburg-listed Afrimat Ltd. Also, receives £86,000 in royalties from first three shipments from Star zinc project, and notes is in line for £335,000 from remaining shipments.
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Tavistock Investments PLC, up 37% at 5.05 pence, 12-month range 1.85p-5.05p. Hits 12-month high after on Thursday saying acquisition of Morgan Financial Group Holdings Ltd will no longer take place. In mid-January, Tavistock announced the acquisition of the Cheltenham, England-based independent financial advisory firm for £3.7 million in cash. ‘The transaction is no longer in Tavistock’s strategic interests and therefore will not proceed. We wish the Morgans team well with the future development of their business,’ says Chief Executive Officer Brian Raven.
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AIM - LOSERS
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Mycelx Technologies Corp, down 15% at 64.95p, 12-month range 24.50p-86.50p. Operations continue to perform in line with expectations during 2021, with minimal impact from Covid-19 on its day-to-day business. The Georgia, US-based clean water and air technology company said it expected revenue of C$8.5 million in 2021. This would represent a 20% increase in revenue from C$7.1 million, around £4.1 million, in 2020. At December 31, the company had cash and cash equivalents of C$3.2 million, down from C$5.5 million at the same time the previous year. In 2022, Mycelx said it is targeting a similar level of year-on-year growth but added that this remains subject to the timings of anticipated contract wins and renewals.
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